Mikhail Likhachev, Director General of Gazprom Gazomotornoye Toplivo, and Oscar Javier Barriga Arteaga, Acting Executive President of Yacimientos Petroliferos Fiscales Bolivianos (YPFB), today signed a Memorandum of Intent to set up a joint venture. The signing took place at the 4th Gas Exporting Countries Forum Gas Summit in Santa Cruz, Bolivia.

The ceremony was attended by Evo Morales, President of the Plurinational State of Bolivia, Luis Alberto Sanchez, Minister of Hydrocarbons and Energy of Bolivia, and Alexander Novak, Minister of Energy of the Russian Federation.

The joint venture is meant to develop the production and marketing infrastructure for compressed and liquefied natural gas to be sold as a vehicle fuel, as well as for the purposes of autonomous gasification in the Plurinational State of Bolivia and other Latin American countries.

Background

The Gas Exporting Countries Forum is an international governmental organization that brings together the world's leading gas producers and seeks to increase the level of coordination and strengthen the collaboration among its member countries.

On February 18, 2016, Gazprom and Yacimientos Petroliferos Fiscales Bolivianos inked the Agreement on strategic cooperation providing for joint efforts in exploration, production and transportation of hydrocarbons, construction and modernization of oil and gas infrastructure, and creation of power generation capacities in Bolivia. In addition, the Agreement is aimed at promoting the use of gas as a vehicle fuel in Bolivia and implementing joint R&D projects. According to the document, the parties will also explore the possibilities of making joint contributions to energy projects based in other countries.

Gazprom's single operator for NGV market development is Gazprom Gazomotornoye Toplivo.